• Many of the 3,300 older Americans BI heard from recently regret not preparing enough for retirement.
• Financial planners described how younger people could set themselves up now to retire comfortably.
• This is part of an ongoing series about older Americans' retirement regrets.

For many Americans, their golden years can be a time of reflection — and regret.

Since mid-September, more than 3,300 older Americans have shared their retirement regrets with Business Insider through a reader survey or direct emails to reporters. Many said they wished they'd saved more, waited longer to retire, relied less on Social Security, or been more prepared for unexpected financial setbacks, such as a layoff, a medical diagnosis, or a divorce.

"I didn't really think about retirement in concrete terms," one 65-year-old wrote in response to a survey question about how people wished they planned for retirement differently. "I always felt I had time. Now I'm older, wholly unprepared, and without savings or a 401(k)."

We want to hear from you. Are you an older American with any life regrets that you would be comfortable sharing with a reporter? Please fill out this quick form.

BI talked to financial planners, wealth managers, and a personal-finance writer about what younger generations could do to avoid similar financial mistakes. This story is part of an ongoing series.

Start saving and investing as early as possible, even with a small amount of money

The amount of money Americans need to save for retirement can vary based on lifestyle and the local cost of living. In a survey conducted by Northwestern Mutual in January, the average respondent said they thought they'd need about $1.5 million to retire comfortably. Wealth managers and financial planners encourage young people with this goal — or any others — to understand their options, start early, and take advantage of employer-match programs.

Brad Bartick, a wealth planner at Baird, said Americans should begin saving for retirement while they're in college or in their early 20s. "Sobering though it may be," Bartick said, "success may require you to work a second job" or "earn a higher level of training or education."

He suggests people create a "ruthlessly honest budget" so they can identify places to cut spending and ways to pay down high-interest debt or build up an emergency fund. If money is tight, start by putting $25 to $50 per paycheck aside for retirement.

"That may not seem like much, but it is the behavior of saving — the habit, if you will — that is most important later in life," Bartick said. "Additionally, time will reward your having started early."

Bartick suggested that people whose workplaces offer retirement plans contribute at least the maximum dollar amount their employer will match and raise their savings rate as their salary increases.

A fact sheet published by AARP in December cited an estimate based on Census, IRS, and Federal Reserve data that about 56 million Americans in 2022 lacked access to retirement-savings plans at work. The vast majority of those people earned less than $50,000, meaning they may not have much surplus cash to save for retirement.

Judith Ward, thought leadership director and a certified financial planner at T. Rowe Price, said that not every employer clearly communicates which resources it offers, so workers may have to research what's available. She suggests people aim to save 15% of their salary annually.

A 72-year-old who responded to the survey implored people to "always, always, always take advantage of a 401(k) program with your employer and max it out," adding: "My mortgage was too big initially, so I didn't participate in the program for a few years. Big mistake."

Those lacking a retirement-savings plan at work can use individual retirement accounts, which most banks offer. Traditional IRAs offer tax breaks up front. Roth IRAs offer tax-free qualified withdrawals later in life. Bartick said higher earners should consider a Roth 401(k), as they're likely to be in a higher tax bracket later in life and can therefore save more money.

Bartick described investing as "the great equalizer" for young people looking to build a retirement portfolio, adding that most people can open a brokerage account and invest with few barriers. While investing can be lucrative, it involves risk and isn't a surefire way to build wealth.

Rob Williams, a managing director of financial planning at Charles Schwab, said the biggest regret he hears is that people waited too long to invest, missing out on years of compounding interest.

Retirees who didn't save or invest enough often rely on Social Security in their later years. Several older adults told BI they regretted collecting Social Security at 62 instead of 67, when their full retirement benefits would have kicked in.

A 77-year-old survey respondent who wrote that they "took Social Security too early" said they regretted cashing in on their benefit before reaching full retirement age. They added that working a lower-paying teaching job hurt their Social Security income and retirement savings later in life.

Prepare in case of a divorce or a spouse's death

Dozens of survey respondents said they regretted how they handled finances with their spouse. Some said they weren't on the same page about retirement goals, while others said the death of a partner disrupted their carefully laid plans.

Ward suggested married couples consider retirement as a household and analyze finances together, even if spouses keep their accounts separate.

"One of the biggest retirement mistakes I see is when a spouse assumes they share the same retirement vision," Ward said.

Many older adults told BI that a divorce hurt their finances. One 67-year-old survey respondent who got a divorce said they regretted "not having a 401(k) and thinking I would be OK because my husband worked hard all his life."

A study published in the Journal of Gerontology in 2022 found that from 1990 to 2010, the divorce rate for adults 65 and older nearly tripled. A BI analysis of 2023 individual-level Census Bureau data found that divorced retirees had lower average 401(k) balances, less savings, and a lower monthly retirement income than married people.

Elizabeth Ayoola, a personal-finance writer at NerdWallet, said people could protect some of their money and retirement savings with prenuptial agreements. However, prenups typically apply only to money and assets acquired before a couple ties the knot, so they provide less protection if the couple divorces later in life. She said that including major assets or money in a trust could be an effective way to secure wealth in a divorce, and she advised couples to have transparent conversations about finances at all stages of their relationship.

A spouse's death can also have detrimental financial ramifications. Older Americans told BI they struggled to get by without their spouses' paychecks or Social Security income. Others said a lack of a will threw them into a complex legal battle and probate process for their spouses' assets.

Ayoola advised couples to write a will and consider a life-insurance policy.

Build a nest egg to lessen the sting of sudden bills or loss of income

Some older Americans told BI that unexpected expenses or events, like medical diagnoses or layoffs, depleted their retirement savings.

One 78-year-old survey respondent wrote that her husband had heart problems and was recently laid off. She described wanting to reduce their housing costs but being unable to. "We are trapped in a large home living on Social Security and draining savings until it's gone," she wrote.

Dozens of older Americans said a layoff affected their retirement planning. Carly Roszkowski, a vice president of financial-resilience programming at AARP, advised older workers to continue updating their résumés and keep their skills sharp in case they're laid off.

Younger people may want to diversify their skills and prepare to pivot careers. They may also want to build an emergency fund to support themselves or loved ones if they lose their jobs.

"Build relationships with colleagues, mentors, and industry professionals. Networking can open doors to new opportunities and provide valuable support and guidance," Roszkowski said. "Reverse mentorship programs can be effective in organizations to help bridge generational gaps and build understanding and collaboration between different age groups."

Several older Americans said they stopped working or used up much of their savings because of a medical diagnosis. Healthcare researchers advise investing in routine checkups, factoring medical emergencies into nest eggs, and researching government-assistance options.

When a 69-year-old survey respondent and her husband began to struggle with health issues in their 50s and 60s, she said it took a toll on their savings: "Because of our health, I had to cash in my 401(k) for medical expenses at a very early age."

Financial planners told BI that people should analyze the value of their last-resort funding sources, like homes or life-insurance policies, so they know the total of their assets in a costly emergency. Ward said a healthy emergency fund for young people should include enough to cover three to six months' worth of expenses. As people age, they should allocate more: Retirees should have one to two years' worth of income, Ward said.

Sudden healthcare costs can drain emergency funds. Williams advised that people — whether they're young or heading into retirement — research their insurance options so they can reduce out-of-pocket costs.

Doug Ornstein, a director of wealth management at TIAA, argued that people paying high out-of-pocket healthcare costs in retirement "probably would have to live really bare-bones instead of being able to leave their kids some money or be able to do some trips and travel."

Benefits counselors can also help people determine the government aid they qualify for — the money may help them conserve savings and cover bills. The National Council on Aging estimates that up to 9 million older Americans are eligible for government assistance but not enrolled.

Ayoola said that benefits like SNAP or Medicaid could help lower-income people save money over time. "I would tell them to look around for as many government resources as possible to supplement their income," Ayoola said.

Are you an older American with any life regrets that you would be comfortable sharing with a reporter? Please fill out this quick form.

• I traveled to Scottsdale and Paradise Valley, Arizona, for the first time in April.
• The trip included neighborhood tours, fine dining, and luxury hotel stays.
• I made a few mistakes, from booking to packing and planning, that I'll avoid next time I visit.

In April, I took my first trip to Arizona's desert oasis — the wealthy enclave of Scottsdale and Paradise Valley, two Phoenix suburbs known for their high-end real estate and travel markets.

During my two-day whirlwind trip, I packed in neighborhood tours, fine-dining experiences, and two luxury hotel stays.

Months later, I'm still thinking about three mistakes I made when booking, packing, and planning the trip, which I'll avoid next time I want to escape to Arizona's millionaire hub.

When planning my itinerary, I didn't realize how far apart some stops were.

When I mapped out my trip to Scottsdale, I didn't realize how large the town was.

Downtown Scottsdale, Paradise Valley, and Phoenix Sky Harbor International Airport are quite close together — 15 minutes or less by car, in my experience. However, I couldn't miss seeing the luxurious neighborhoods and fine dining in North Scottsdale.

When I booked my tours and reservations, I didn't realize North Scottsdale was about a 40-minute cab ride from the hub area.

I ended up traveling up and down Scottsdale multiple times a day. Next time, I'll plan to spend one full day in North Scottsdale to avoid wasting time and money on cabs.

When traveling to Scottsdale in the spring, I should have planned for dry, 90-degree Fahrenheit days.

For my spring trip to Scottsdale, I expected it to be warm, as the area is known to be throughout the year. So, I packed some cooling, quick-dry attire, like the Under Armour polo above, paired with pants made from a similar material.

It was warmer than I anticipated, and this dark navy outfit made me feel like a magnet to the sun.

The outfit was comfortable in the morning and evening, but I would have packed lighter-colored clothing if I had known I'd be battling 90-degree heat in the afternoons.

I also didn't realize that the heat in Scottsdale would feel drastically drier to me compared to the air I'm used to back home in New York.

I thought I could easily walk around all day in Scottsdale. I planned to spend most daylight hours exploring outdoors and walking from neighborhood to neighborhood. But I got dehydrated easily and ran through my 20-ounce plastic water bottle quickly.

Next time I visit Scottsdale in the spring, I'll pack a larger, insulated water bottle and break up outdoor activities in my itinerary with indoor ones to stay cool and hydrated.

Booking just one night in a mega-resort was my biggest regret.

Since I spent two nights in Scottsdale and Paradise Valley, I booked one night in each town.

I stayed at the Phoenician in Scottsdale, a 600-acre mega-resort with five pools, a three-story spa, and an 18-hole golf course.

I didn't save enough time in my itinerary for hanging out at the hotel.

I spent most of the day out and about, and by the time I got back to the Phoenician, I was too tired to sit down at the award-winning lobby bar or step into one of the pools.

Before I checked out in the morning, I had just enough time to explore the entire property on foot. I watched others play golf, tennis, and pickleball and longed for another night. This ended up being my biggest regret of the trip because I left feeling like I'd missed out.

After my stay, I realized that a mega-resort is worth the price only if I take advantage of all it has to offer. Since my trip was more about exploring Scottsdale than relaxing, there simply wasn't enough downtime to make it worth booking for just one night.

After getting a preview of the Phoenician's amenities, I'd love to stay again for at least two nights and plan to spend many waking hours there.

• Baby boomers were hit the hardest by inflation in 2023, driven by rising healthcare costs.
• Healthcare costs outpaced overall inflation, and they make up a greater share of boomers' budgets compared to younger Americans.
• Gen X fared better due to different spending patterns.

Senior discounts might be particularly handy these days for America's retirees and older workers.

In 2023, those 65 and older experienced the highest inflation rates among age groups based on the items they buy, per an analysis from Wells Fargo economists. The analysis found that mounting healthcare costs, which have outpaced broader inflation, particularly weighed on baby boomers, who are aged 60 to 78. Simultaneously, older Americans did not spend as much on things like gas, where costs deflated.

It's not just healthcare that ate away at boomers' wallets. Business Insider analyzed data from the Bureau of Labor Statistics' annual consumer expenditures survey for 2023, and looked at how Americans 65 and older spent on different categories compared to all households.

Across all age groups, health insurance made up around 5% of annual spending in 2023; for Americans over 65, it was just over 9%. That's likely making a big dent in their finances, with health insurance prices rising nearly 7% year-over-year as of October 2024 per detailed consumer price index data from BLS, more than double the broader year-over-year inflation rate that month of 2.6%.

In addition to spending more on health insurance, Americans over 65 disproportionately spent on healthcare itself in 2023; they devoted 13.4% of their annual spending to healthcare, while Americans of all ages allocated just 8% of their spending on the same expenses. They also outspent other Americans on life and other personal insurance.

Other items those age 65 and up spent more of their incomes on than other age groups saw mounting inflation. For instance, older Americans devoted around 0.2% of their spending to postage — a small expense, but one where prices have grown by nearly 11% year-over-year.

We want to hear from you. Are you an older American with any financial regrets that you would be comfortable sharing with a reporter? Please fill out this quick form.

As boomers aged at home, they also spent a greater chunk of their annual expenditures on maintenance, repairs, insurance, and other expenses. Year-over-year, prices for the repair of household items grew by 5%.

Meanwhile, Gen X households have weathered inflation better than other generations. Wells Fargo's analysis showed that Americans ages 45 to 54 experienced 1.8% inflation year over year, while those 55 to 64 had 1.9% inflation. This is because Gen X, on the whole, spent less of their budgets on items with high price growth like housing and healthcare.

To be sure, a recent Gallup survey of 1,001 adults suggests Americans are doing well in retirement. Gallup found that three in four retirees said they could live comfortably off their savings, compared to less than half of nonretired Americans who expect to have enough for a comfortable retirement.

Still, even wealthier Americans told BI they've been hit hard by inflation.

Over 2,000 older Americans told BI their biggest regrets over the last few months in a voluntary, informal survey. An overwhelming majority said they're worried about their finances. A majority wished they had saved more or invested better for their retirement, as hundreds said they're still working or relying heavily on Social Security to get by.

Hundreds said health conditions, the death of a spouse, and job loss have contributed to less rosy finances. A few dozen said they weren't sure how much to save for retirement and spent too much shortly after retiring, hurting their wallets.

Many said they've cut back on experiences and more expensive purchases to focus on essential goods. Others said they've fallen through the cracks in the nation's social safety net, making too much for government assistance but not enough to feel comfortable.

Are you an older American with any financial regrets that you would be comfortable sharing with a reporter? Please fill out this quick form.

• Nearly 1,200 Americans shared with BI their financial regrets.
• Many of the baby boomer respondents said they had regrets about preparing for retirement.
• This is part of an ongoing series about boomer regrets.

Millions of Americans facing retirement are worried they won't be financially prepared — or fear that they'll have to work forever.

Some are already there. Finances and retirement were major themes in the roughly 1,200 responses Business Insider received from Americans between the ages of 48 and 90 who filled out a voluntary survey about their biggest regrets. (This is part two of an ongoing series.)

Many of the respondents in the baby boomer generation said retirement — how to invest and how much one needs — is a black box. Some wish they'd hired a financial advisor, while others regretted expensive purchases. Others said they took Social Security too early or retired without a long-term financial plan.

And then there are those who suffered an unexpected setback such as a cancer diagnosis, a job loss, or a divorce and wish they'd been better prepared for an emergency.

We want to hear from you. Are you an older American with any life regrets that you would be comfortable sharing with a reporter? Please fill out this quick form.

Gary Lee Hayes, 70, wished he'd been more regimented with his savings and investments. The California resident briefly served in the Navy, got a degree in public administration, and worked in mental health and handyman positions. He had little financial literacy growing up and said he didn't focus on building his career to be more lucrative.

Two of Hayes' main money regrets are not investing in Verizon stock early on and not saving at least 10% of his income each month. He also said he was somewhat too liberal with his spending throughout his life, though he said he didn't purchase anything too far beyond his means. He also avoided putting money into his 401(k) and said he should have chosen more stable investments instead of short-term ones.

"You can't expect that you're all of a sudden going to win the lottery," said Hayes, who receives $1,846 a month in Social Security and lives in government-subsidized housing. "You can't expect that someone's going to pass and leave you an inheritance that will make your life more comfortable."

Some older Americans wish they'd had more investing knowledge

A major theme among BI's survey respondents was that they lacked knowledge about investing. For some, this meant not saving enough; for others, it meant falling into some common investing mistakes.

New research from Vanguard suggests people changing jobs put less into their 401(k)s, often without realizing it, and can lose out on as much as $300,000 throughout their careers.

Another theme among survey respondents was they waited too long to start saving. Two separate surveys from Transamerica Institute and Charles Schwab found that, on average, boomers waited until age 35 to start saving.

Nancy Seeger, 64, who lives outside Cleveland, said she made investing mistakes that had long-term repercussions on her finances. Seeger, who has two master's degrees, worked for many years as a teacher and health librarian. She was laid off earlier this year from her $74,000-a-year job and while she's not ready to fully retire and is still looking for work, she worries she won't be able to land another decent-paying job given her age.

She told BI she wished she could have saved more when her children were young and started retirement funds earlier. While she had some savings, she began consistently putting more into her investments at age 50.

She also didn't realize that because she has a pension in addition to receiving Social Security when she retires, she would be affected by a little-known Social Security provision that would lower her monthly check. Between her pension of $713 monthly and Social Security, which she expects will be between $1,200 and $1,400 monthly, she'll have just enough to cover her rent.

"I was fortunate to get a small inheritance from my parents and an aunt, which saved me, but it's unlikely that I will be able to do the same for my children, and that bothers me a lot," Seeger said. "I had hoped to travel, and I wanted to leave money for my kids, but both of those goals are compromised now."

Seeger said she has few regrets and "let life come to me," though she's planning to take a part-time job when she retires to supplement her income. She's still digging herself out from bills from undergoing cancer treatment in 2022, and because she has a few months until turning 65, she can't get on Medicare and has to pay her health insurance out of pocket.

"I've had a lot of unexpected things happen, but I've also come to understand that the unexpected things impact everybody, and you can't really plan for them," Seeger said.

It's difficult to prepare for the unknown

While $1 million for retirement may be sufficient for some Americans, it could be too little for others.

Bank of America's Financial Wellness Tracker suggests that Americans ages 61 to 64 should have about 8.5 times their current salary in savings. Someone with $1 million in savings at 65 can safely withdraw $40,000 in their first year of retirement, Bank of America said.

For some, saving just 1% more could have significant financial rewards down the line. If someone making $50,000 annually contributes 5% of their salary to retirement, they would save nearly $60,000 less after 30 years than if they'd contributed 6%.

Nevenka Vrdoljak, the managing director in the chief investment office for Merrill and Bank of America Private Bank, told BI that calculating how much you need for retirement requires difficult estimations of life expectancy, spending in retirement, and retirement resources.

"Changes in government benefits can affect expected income," Vrdoljak said. "Fluctuations in investment returns make it difficult to estimate how much savings you will have in the future."

With cancer rates rising and diagnoses coming earlier in life, another difficult calculation is how to prepare for time off work and quickly mounting medical bills.

"The need for long-term care can cause more than financial strain in retirement. It can place a burden on loved ones," Vrdoljak said. "Investors with substantial assets may prefer to self-insure against this risk. But for many other investors nearing retirement, long-term-care insurance can help mitigate the risk and cost of care."

PJ White, 69, never had aspirations for a high-income career — but she never expected to be homeless.

Throughout her career, she worked for a lab supply company, retail companies, and as a secretary at law firms. She married at 21 and bought a house, but she divorced a year later, which set her back financially.

While she said she often lived hand to mouth, she wished she had been more cautious about spending on leisure and clothes — what she called "play money" — and set aside time to learn about investing. She said it was rare she had savings left over each month, and her peak income was about $41,000. She left work in 2008 to care for her partner's mother.

"The money would come in and out it would go," White said, adding she rarely put money into her 401(k). "I didn't think about the retirement aspect because it was so far down the road, but here I am now wishing that I had."

She recently lost her home because she and her partner couldn't afford to pay property taxes. They now live in a camping tent in San Diego. She lives on about $1,500 in Social Security each month as they fight to get their house back, but she said much of her money goes to court fees. She's received some assistance with groceries through her new health insurance company, but she hasn't secured an affordable housing unit yet.

"He doesn't make any money at all, so it's all on me, and I'm feeling it," White said of her partner. "I'm showing symptoms of stress, and I don't have anywhere to go, no one to turn to."

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